Alpha Wealth Funds LLC Makes New Investment in Truist Financial Co. (NYSE:TFC)

Alpha Wealth Funds LLC purchased a new stake in Truist Financial Co. (NYSE:TFC - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 8,000 shares of the insurance provider's stock, valued at approximately $347,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Hopwood Financial Services Inc. bought a new stake in shares of Truist Financial in the 4th quarter valued at about $26,000. Navigoe LLC acquired a new stake in shares of Truist Financial during the 4th quarter worth approximately $26,000. Curio Wealth LLC acquired a new stake in shares of Truist Financial during the 4th quarter worth approximately $45,000. Brown Lisle Cummings Inc. acquired a new stake in shares of Truist Financial during the 4th quarter worth approximately $55,000. Finally, TCTC Holdings LLC boosted its position in shares of Truist Financial by 28.1% during the 4th quarter. TCTC Holdings LLC now owns 1,310 shares of the insurance provider's stock worth $57,000 after acquiring an additional 287 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on TFC. Wall Street Zen raised shares of Truist Financial from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. Wells Fargo & Company dropped their price objective on shares of Truist Financial from $52.00 to $50.00 and set an "overweight" rating for the company in a research note on Friday, March 28th. Citigroup dropped their price objective on shares of Truist Financial from $51.00 to $44.00 and set a "neutral" rating for the company in a research note on Monday, March 24th. Morgan Stanley cut their price target on shares of Truist Financial from $50.00 to $43.00 and set an "equal weight" rating on the stock in a report on Monday, April 7th. Finally, Robert W. Baird upgraded shares of Truist Financial from a "neutral" rating to an "outperform" rating and lifted their price target for the stock from $48.00 to $52.00 in a report on Wednesday, March 5th. Nine analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Truist Financial presently has a consensus rating of "Moderate Buy" and an average price target of $47.83.

Truist Financial Trading Down 0.4%

Shares of NYSE TFC traded down $0.16 during midday trading on Friday, hitting $39.44. 10,480,959 shares of the company traded hands, compared to its average volume of 8,287,671. Truist Financial Co. has a 12-month low of $33.56 and a 12-month high of $49.06. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a 50-day moving average price of $38.63 and a 200 day moving average price of $42.95. The firm has a market cap of $51.65 billion, a P/E ratio of 11.84, a P/E/G ratio of 1.63 and a beta of 0.83.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.87. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The company had revenue of $4.95 billion during the quarter, compared to analysts' expectations of $4.99 billion. During the same period last year, the company posted $0.90 EPS. As a group, analysts expect that Truist Financial Co. will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Friday, May 9th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, May 9th. This represents a $2.08 annualized dividend and a yield of 5.27%. Truist Financial's dividend payout ratio (DPR) is presently 61.36%.

About Truist Financial

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.